Talk More To Your Kids About Money
Talking More To Your Kids About Money
By Joe Arndt CLU, ChFC
Believe it or not, talking to your teenagers about money and spending can be fun and entertaining. Just think of the many times you were at the mall with your teenager and the number of times that you said you weren’t going to buy that item they really had to have.
If your child has ever had a job or been paid to babysit, just use the variable of time rather than money. Ask your son or daughter how long they would have to work in order to pay for that item. The trick is to repeat this at least one hundred times, and this season is a good time to start.Soon, they will begin to think in those terms and won’t be able to stop.
Much of the time my two sons value time more than money, so time becomes the more precious commodity. When we shop together I tend to make a comment about the time it will take to earn that expensive jacket or tennis shoe or video game. Don’t forget about the cell phone bill. It actually becomes fun, at least for me. They may get exasperated and roll their eyes, but they will think differently about the money I give them, and the things I buy them just because they are my two sons.
Children will also begin to use math to figure out how much work it takes to make a decent living and support children. They will calculate hourly rates of pay and how long it would take to buy that new phone, pay for a car, and all the rest. I feel that this reality is great for kids because our children need to learn how to take care of themselves. Who is there to teach them now but us parents? Let’s make sure that our children are knowledgeable about money and finances early, to help them flourish and prosper.
Joe Arndt CLU, ChFC, President Arndt & Associates 8124 Big Bend Blvd. St. Louis, MO 63119
Ray Antonacci
11:19 am on Wednesday, January 25, 2012
Robert Kiyosaki author of Rich Dad Poor Dad designed a game called Cash Flow. There are a couple versions but one of the versions is for kids. I didn't wait for the kiddos to become teens. I started when they were about 6 playing this game. The great aspect of the game is the "Doodads". These are the things we desire but don't need ie Ipods, big screen TVs and such. The kids learn that drawing a Doodad card will cost them money. The same holds true when we are out shopping. We discuss money and how it serves us best. I believe it is my job, as a parent, to raise children who become adults who know how to love and know how money works, everything else will work itself out.